The stable outlook on Development Bank of Mongolia (DBM) reflects that on the sovereign credit rating on Mongolia (B/Stable/B). We expect the bank to remain a government-related entity with an almost certain likelihood of receiving extraordinary government support, when needed, at least for the coming few years. Our view considers the bank's critical policy role in development and export-import bank functions, and its integral link with the government, its sole owner. We therefore equalize the ratings on DBM with those on the sovereign. We could downgrade DBM if we lower the sovereign ratings on Mongolia. We could also downgrade DBM if we view the sovereign's willingness to support the bank has diminished. We believe this scenario is very unlikely in
